SOL bulls hope for breakout above $120

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• SOL's Open Interest (by number of coins) remains very high.
• The Funding Rate is positive, meaning there is a slight bias amongst traders to be Long. We would also rather be Long SOL rather than Short here.

SOL's funding rate:

Technical analysis

• SOL broke down from the $120 horizontal support and swiftly moved down to the next horizontal support at $98.
• At $98, SOL put in back-to-back bullish divergences (lower lows in price, and higher lows on the oscillator). This could help fuel a move higher.
• The RSI is in a downtrend, but it's above its moving average, and also now with those back-to-back bullish divergences.
• Price is currently butting up into the underside of the horizontal resistance at $120, which also converges with the local downtrend line. If SOL can flip this level, then $140 to $147 is possible.
• To the downside, the horizontal supports are at $98 and $81. We'd be accumulating in that range should the price revisit there over the coming weeks.

• Next Support: $98
• Next Resistance: $120
• Direction: Neutral/Bullish
• Upside Target: $140
• Downside Target: $98

Cryptonary's take

In the short term, SOL could breakout to the upside here if it flips the $120 horizontal support and the downtrend line, although this is a tricky level to flip. We'll be watching the reaction at this price point very closely.

In terms of long-term accumulation, we're eyeing $81 to $110. We'll look to accumulate in this range should price retest this range, and we'll build positions over the coming weeks/months.